(20 ILCS 605/605-405) (was 20 ILCS 605/46.5a)
Sec. 605-405.
Jobs and investment in economic development project area.
To encourage the creation or retention of not less than
2,000 full-time equivalent jobs and that private investment in the amount
of not less than $100,000,000 shall occur in an economic development
project area as defined in the Economic Development Area Tax Increment
Allocation Act: by securing by acquisition, gift, grant, exchange, or
purchase the rights of
way, easements, and fee simple titles that may be
necessary to any and
all real property required for site acquisition for use in retaining
such
industry or business concern; by improving or arranging to improve real
property so acquired, including but not limited to local public
infrastructure improvements; private structural improvements on the land;
and by leasing or conveying the land or interest in land
so acquired and so improved.
For the purpose of this Section, "local public infrastructure
improvements" means local roads and streets, access roads, bridges, and
sidewalks; waste disposal systems, water and sewer line
extensions, water distribution and purification facilities, and sewage
treatment facilities; rail or air or water port improvements; gas and
electric utility facilities; transit capital facilities; development and
improvement of publicly owned industrial and commercial sites; or other
public capital improvements that are an essential
precondition to a business retention of that industry or business concern as
defined in this Section.
(Source: P.A. 91-239, eff. 1-1-00.)
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